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Jeff Bezos looses title as world’s richest man for a day

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Jeff Bezos looses title as world's richest man for a day

Jeff Bezos

The founder and Chief Executive Officer of Amazon, Jeff Bezos, has reclaimed the World’s Richest Man title few hours after losing the spot to Microsoft co-founder Bill Gates.

Bezos who ended Gates’ 24-year run as world’s richest man in 2018 and became the first man on earth with a net worth of $160 billion, lost the spot on Thursday October 24, after Amazon’s lacklustre Q3 results resulted in him losing nearly $7 billion in stock value. Amazon shares fell 7 per cent in after-hours trading.

Jeff Bezos looses title as world's richest man for a day

He returned to the top position at the end of Friday’s markets. His shares fell by just 1% to $1,760.78, putting his net worth at $109.9 billion. Bill Gates is currently worth $105.8 billion.

Bezos’ brief slip on Thursday wasn’t entirely due to his Amazon shares falling as he would never have lost the No. 1 spot if he and ex wife, MacKenzie Bezos hadn’t divorced.

49-year-old MacKenzie received a quarter of their Amazon holdings in July. With a net worth of $32.7 billion, she is among the top 20 wealthiest people in the world.

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